Mastercard has teamed up with MoonPay to create cards that enable users to spend their stablecoins at any location that accepts Mastercard payments.

Now, users can use their stablecoin holdings at over 150 million retailers worldwide. People can spend their stablecoins conveniently and quickly, right from their wallets.

MoonPay and Iron, whose technology has been adapted for this product, are ensuring the convenience and efficiency of stablecoin transactions on Mastercard. The technology enables crypto wallets to act like digital bank accounts, opening up a variety of new opportunities for users and businesses.

Mastercard and MoonPay Drive Innovation

“This is much more than simply a card,” explained Ivan Soto-Wright, CEO of MoonPay. “This enables stablecoins to be used like any other currency in the world. Our collaboration with Mastercard is helping to make crypto convenient for day-to-day tasks.”

The collaboration is aimed at addressing the rising need for easily accessible assets in the digital currency realm. At present, 20 million wallets engage in stablecoin transactions monthly and the number of users storing stablecoins is 120 million. This rising trend has highlighted the demand for using stablecoins in areas such as global remittances, freelance payments, salaries in the gig economy, and rewards for creators.

Scott Abrahams, Mastercard’s EVP of Global Partnerships, highlighted how the initiative addresses more than just one market: “We’re breaking new ground in how money flows around the world and ushering in a transformation in how payments are made. Thanks to MoonPay, we’re connecting traditional finance and cryptocurrencies in a trusted and scalable way.”

More than 100 million people use the 500+ crypto services integrated by MoonPay. Mastercard cards are anticipated to boost the popularity of stablecoins and address the need for seamless cross-border payments across the globe.

As the world of money continues to digitize, Mastercard and MoonPay are setting a new standard—one where the convenience of traditional banking meets the innovation of crypto.